HRS § 247-2 — Basis and rate of tax


§247-2 Basis and rate of tax. The tax
imposed by section 247-1 shall be based on the actual and full consideration
(whether cash or otherwise, including any promise, act, forbearance, property
interest, value, gain, advantage, benefit, or profit), paid or to be paid for
all transfers or conveyance of realty or any interest therein, that shall
include any liens or encumbrances thereon at the time of sale, lease, sublease,
assignment, transfer, or conveyance, and shall be at the following rates:
(1) Except as provided in paragraph (2):
(A) Ten cents per $100 for properties with a
value of less than $600,000;
(B) Twenty cents per $100 for properties with
a value of at least $600,000, but less than $1,000,000;
(C) Thirty cents per $100 for properties with
a value of at least $1,000,000, but less than $2,000,000;
(D) Fifty cents per $100 for properties with
a value of at least $2,000,000, but less than $4,000,000;
(E) Seventy cents per $100 for properties
with a value of at least $4,000,000, but less than $6,000,000;
(F) Ninety cents per $100 for properties with
a value of at least $6,000,000, but less than $10,000,000; and
(G) One dollar per $100 for properties with a
value of $10,000,000 or greater; and
(2) For the sale of a condominium or single family
residence for which the purchaser is ineligible for a county homeowner's
exemption on property tax:
(A) Fifteen cents per $100 for properties
with a value of less than $600,000;
(B) Twenty-five cents per $100 for properties
with a value of at least $600,000, but less than $1,000,000;
(C) Forty cents per $100 for properties with
a value of at least $1,000,000, but less than $2,000,000;
(D) Sixty cents per $100 for properties with
a value of at least $2,000,000, but less than $4,000,000;
(E) Eighty-five cents per $100 for properties
with a value of at least $4,000,000, but less than $6,000,000;
(F) One dollar and ten cents per $100 for
properties with a value of at least $6,000,000, but less than $10,000,000; and
(G) One dollar and twenty-five cents per $100
for properties with a value of $10,000,000 or greater,
of such actual and full consideration; provided that
in the case of a lease or sublease, this chapter shall apply only to a lease or
sublease whose full unexpired term is for a period of five years or more, and
in those cases, including (where appropriate) those cases where the lease has
been extended or amended, the tax in this chapter shall be based on the cash
value of the lease rentals discounted to present day value and capitalized at
the rate of six per cent, plus the actual and full consideration paid or to be
paid for any and all improvements, if any, that shall include on-site as well
as off-site improvements, applicable to the leased premises; and provided
further that the tax imposed for each transaction shall be not less than $1.